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I rent a shop and share it with another business. I pay the full rent amount and then he writes me a check for his portion. how do I record this properly?

 
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QuickBooks Team

I rent a shop and share it with another business. I pay the full rent amount and then he writes me a check for his portion. how do I record this properly?

I'll help you record these transactions in QuickBooks Online (QBO), @max24.

 

You can record the full rent amount by creating an expense transaction. Let me show you how:

 

  1. Click the +New icon and select Expense.
  2. Enter the following information and choose the expense account in the CATEGORY column. You can create a Rent expense account if you haven't created it yet. You can also ask your accountant for further guidance to make sure everything accurate. 
  3. Select Save and close.

expense.PNG

Once your business partner writes you a check for his payment portion, you can now create a bank deposit to record it. Here's how:

 

  1. Select the +New icon and Click Bank deposit.
  2. Choose the bank account in the Account drop-down list and enter the rest of the information.
  3. Click Save and close.

bank deposit.PNG

 

In addition, you can run a quick report of your accounts in QuickBooks Online. This way, you can view the transactions that you've made in each account. Just go to the Accounting menu and select Chart of Accounts. Then, look for the transaction and choose Run report in the ACTION drop-down list.

Please let me know if you need further assistance in recording your transactions in QuickBooks. I'll be happy to help. Have a great day.

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